4 tools for quick market validation
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4 Tools For Quick Market Validation @explorics Aggressive Market Testing Lean Startup Coaching
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Transcript of 4 tools for quick market validation
4 Tools For Quick Market Validation
@explorics
Aggressive Market Testing
Lean Startup Coaching
about market validation
if you build it, will they come?Market Validation:•The first step before spending significant time and money on product development•Validate demand, business model•Eliminate risk, increase reward
a “famous” examplehttp://www.youtube.com/watch?v=7QmCUDHpNzE
another “famous” examplehttp://mixergy.com/andrew-mason-groupon-interview/
“All we did was we took a WordPress Blog and we skinned it to say Groupon and then every day we would do a new post with the points embedded. It was totally ghetto…
“It was so cobbled together. It was enough to prove the concept and show that it was something that people really liked.
“The actual coupon…was all FileMaker. [We’d] email the coupon PDF to people.
Andrew MasonFounder & CEO
Groupon
a good market validation test:
1.Is built around a pre-determined hypothesis
3.Doesn’t require much up-front investment
5.Reaches Your target customers(and not the ones you already know)
6.Provokes a response(“That’s interesting” is not interesting)
organizing your test
• Define what you know, what you are testing• Test one variable at a time
Target Customer
Pain Point
Communication Channel
Message
Offer
Interest / Value
a great starting point
The Business Model Canvas
The whole business plan, on one piece of paper.
Identify gaps, unknowns, risks – this is where to start testing.
LEARN MORE AT OUR NEXT WEBCASTThursday, May 10, 2012 @ 2pm ETwww.explorics.com/upcoming-webcasts
the tools
What It IsCreate surveys and send them to your ideal market segment.
Why You Need It
The hardest part of surveying is finding the right people.
Use It To Validate
• Target market• Pain points & opportunities• Value proposition
Goal is to better define your target market.
B2C or similarly broad target.
You can narrow down on specific, actionable information.
When to build a test around it
Let’s See!
What It IsAccess to over 40,000 experts in an incredibly diverse set of fields.
Why You Need It
A little guidance can have an enormous impact.
Use It To Validate
• Market & Competitive Landscape• Buying & Purchasing Processes• Partnerships
Niched, B2B, or hard-to-reach target market.
Direct sales of some sort involved (inside, field, channel).
Expertise in the sales cycle is valued.
When to build a test around it
Let’s See!
What It IsUsers see an image (like a web page) for 5 seconds, then provide feedback.
Why You Need It
Do people really see what you think they see?
Use It To Validate
• Key Messages & Takeaways• Clarity• Design
Goal is to measure a first impression
Broad audience can be used for validation (“imagine if…”)
You can access a community for extra juice
When to build a test around it
Let’s See!
What It IsCreate, publish, and optimize landing pages quickly and by yourself.
Why You Need It
In market testing, conversion is king.
Use It To Validate
• Messaging• Qualification of Target Market• Calls To Action• Conversion Expectations
Goal is to establish or improve conversion
Steady, online source of target customers
Multiple engagement offers available
A/B Testing
When to build a test around it
Let’s See!
recap
The hardest part of surveying is finding
the right people.
A little guidance can have an
enormous impact.
Do people really see what you think
they see?
In market testing, conversion is king.
• Target market• Pain points• Value prop
• Market landscape
• Buying process• Partnerships
• Key takeaways• Clarity• Design
• Messaging• Qualification• Calls To Action• Conversion
Thank you!
Questions?@briangladstein
@explorics
www.explorics.com
Follow Us!http://explorics.com/blog
Upcoming Webcastshttp://upcoming-webcasts
Thursday 5/10, 2pm ETLiving Lean Startup: The Business Model Canvas
Thursday 5/24, 2pm ETInbound Marketing: Shifting Budgets, Shifting Expectations
